Worth reading; I like anything that increases my understanding of market mechanics (in this case index pricing), but I also like articles that stress taking responsibility for one’s own trading and not seeking out bogeymen to blame (Goldman, HFT, The Fed, Hedge Funds, and on and on …).

the wider media is already starting to draw hysterical, fanatical conclusions from the paper, or at least hint that we should all be very very scared. We need not be, and I’ll explain why.